Financial institutions are increasingly adopting digitalsystems to enhance their operations and deliver a seamless customer experience. With that being said, many technological innovations are being leveraged for automating banking operations and improving the supply chain.
Unfortunately, fraudulent activities are increasing in financial institutions as they adopt digital systems. Bad actors are also becoming tech-savvy and they can easily bypass security and circumnavigate passwords and personal identification numbers (PINs).
Due to various security threats, companies are challenged to implement a strong customer authentication solution, like LoginID, and improve the experience of their services. Accordingly, with the internet, consumers now prefer shopping and transacting from the comfort of their homes. FinTech, Crypto, and eCommerce have become the number one choicesas alternatives for traditional shopping and physical transactions.
With the rise in web activities, crimes also increase. Businesses must learn to prioritize digital security by integrating passwordless solutions like LoginID to help companies verify user identities more securely and effectively.
But how does LoginID’s Biometric Payment Authentication works with eCommerce, FinTech, and Crypto? When it comes to eCommerce, companies can integrate FIDO2 passwordless authentication to enhance e-commerce prevention.
With FIDO2, companies can prevent the vulnerabilities of traditional passwords. On the other hand, in FinTech, the security solutions offered by LoginID can help bolster real-time fraud prevention, improving the security and experience of their digital payment facilities.
Lastly, the use of LoginID’sBiometric Payment Authentication can help address crypto scams as using a person’s biometric code for authentication makes it harder for fraudsters to commit criminal activities. It can also be the only means to log in and confirm payments.Furthermore, blockchain and crypto companies can leverage LoginID’s biometric authentication and payment authentication solutions to secure user experiences and enhance transaction security better.
It is time to consider more secure and robust security solutions that rely on traditional passwords as they are no longer reliable when securing user data. Biometric-based security products can be an excellent alternative or replacement. Such products allow companies to deliver user-friendly payment confirmation which can potentially increase conversion rate.
You can read this article from LoginID to know more.